Thanks @Iris OlivasI did some searches and ended up on a site that provided state by state listings of Private Lenders some of whom did 75k and up. 

Entity Formation & Legal CostsExpenseLow Estimate ($)High Estimate ($)NotesSPV Formation (LLC or LP)$300$1,500Delaware LLC (~$300), legal service fees varyOperating Agreement$500$2,500Template (~$500) or custom legal workPrivate Placement Memorandum (PPM)$2,500$15,000Off-the-shelf ($2,500) vs. custom legalSecurities Filings (Reg D 506(b) or 506(c))$500$2,500SEC & state Blue Sky filingsAccredited Investor Verification (506(c))$1,500$3,000Performed by third-party verification servicesSubtotal: $5,300 – $24,500

In a previous life I projected managed 54 new builds and have done my own flips to stabilize my own neighborhood.

Good question - when Bigger Pockets leads reach out to us via out of state, we first define your specific goal with the BRRRR and talk through specific cities/areas that could lend itself to accomplishing that goal.

You see your parents have rented that property to these tenants for ~20 years and may have owned it even longer!

Do that for six months while you save more before making a decision on what to do, especially on doing it out-of-state.

Bought from neighbor next door to rental we owned.

You can do a cost segregation study on pretty much any property you own as an investment. 

If owning them makes my life better by providing a free vacation, then hold on for the long termAt some point, I discovered that if I stay there when it could have been rented, it isn't free

Given the renewed concern of fire following LA’s fires and the potential insurance consequences, we have begun discussing the potential of reconsidering owning in the area.